Facebook iconLinkedin iconTwitter icon
Join the most important conversation in crypto and Web3 taking place in Austin, Texas, April 26-28.Secure Your SeatFacebook iconLinkedin iconTwitter icon
Join the most important conversation in crypto and Web3 taking place in Austin, Texas, April 26-28.Secure Your Seat
Shares of crypto-friendly lender Silvergate Capital (SI) plunged 45% early Thursday on questions about its survival due to losses and numerous regulatory issues that have arisen following November’s FTX exchange collapse.
In volatile action in the minutes following the opening bell, Silvergate shares were trading at $7.38 at press time.
In a filing late Wednesday, the California-based bank said it needed more than two additional weeks to finish producing its annual report, and said the impact of recent events raises questions about its ability to continue as a “going concern.”
Two Wall Street sell-siders were quick to downgrade, with JPMorgan cutting to sell and Canaccord to hold. In addition, Coinbase on Thursday announced it was switching from Silvergate to Signature Bank for servicing Prime account holders.
DISCLOSURE
Learn more about Consensus 2023, CoinDesk’s longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.
Trending1
MarketsEthereum’s Shanghai Upgrade Will Not Crash Ether Price, Analysts SayMar 2, 20232
FinanceBitcoin Miner Riot Delays 10-K Filing Due to Impairment Calculation IssuesMar 2, 20233
Consensus MagazineRegulators Are Bringing the Multichain Era to a CloseMar 2, 20234
Consensus MagazineWill DeFi Emerge From Crypto Winter Stronger?Mar 2, 2023
